Elon Musk goes “All In” on DOGE due to abhorrent Bitcoin threads.
Bitcoiners’ canceling makes Elon Musk say that he wants to go “all in” on meme crypto Dogecoin.
His latest tweet is for Peter McCormack, who believes that the billionaire’s open support for the meme token is “the perfect troll.”
In response, Elon describes the threads as “obnoxious.”
Today, Musk defended his questionable Dogecoin scaling proposal:
“For those bad at math, 100X higher transaction volume with 100X lower fees means total fees earned stay same. Low fees & high volume are needed to become currency of Earth.”
Elon’s Love for DOGE
In Mid-April, the Tesla CEO tweeted an artwork of a dog and a moon captioned “Doge Barking at the Moon.” In crypto language, “moon” means quickly rising price.
The tweet came when Dogecoin reached a new all-time high of over 14 cents. Then, right after Musk’s tweet, Doge mellowed to a downright chilly $0.13 then immediately shot up this morning to around $0.18.
Among the top 10 coins by market cap, none of it has risen faster than DOGE from the past year. If someone bought $1 worth of Doge by this time last year, it will now be worth around $85.
Musk has been infatuated with the token. He first began tweeting about it last April 2019.
“Dogecoin might be my fav cryptocurrency,” he replied to a tweet. “It’s pretty cool.”
While Musk is saying that his Dogecoin tweets are meant as “jokes,” they have been shown to move the market. A Blockchain Research Lab study found that a December tweet has helped push up the price by 8% in just five minutes.
Elon Musk’s Parting with Bitcoin
Tesla’s big boss no longer belongs to the Bitcoin community’s good graces after he announced that it had suspended Bitcoin payments. It is due to Bitcoin’s carbon footprint early this week.
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